Shell has signed a contract with the Ministry of Energy in Kazakhstan, where it is also involved in international arbitration concerning two major projects. Credit: Alexander Fedosov/Shutterstock.com.

Oil giant Shell has secured new agreements with both Venezuela and Kazakhstan, advancing its oil and gas exploration ventures in these regions.

In Venezuela, Shell signed multiple exploration agreements with the government, encompassing offshore natural gas, and onshore oil and gas opportunities, reported Reuters.

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Additionally, technical and commercial agreements have been established with VEPICA, KBR and Baker Hughes.

This development follows a meeting between US Interior Secretary Doug Burgum and Venezuelan President Delcy Rodriguez.

The agreements facilitate the advancement of the Dragon gas project, which has faced delays due to shifting US policies towards Venezuela.

Shell indicated earlier this year that US licences would enable project advancement.

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Trinidad’s Energy Minister, Roodal Moonilal, said that exporting first gas to Trinidad from the Dragon project is expected by the third quarter of 2027, with the aim of boosting output at the Atlantic LNG plant.

In Kazakhstan, Shell’s subsidiary has entered into a contract with the Ministry of Energy to explore the Zhanaturmys field in the Aktobe region, Reuters reported.

This contract allows for seismic surveys and data collection on the 1,377km² Zhanaturmys block until 2032, pending necessary permits. However, investment details remain undisclosed.

Meanwhile, Shell is also involved in international arbitration concerning two major projects in Kazakhstan.

In January, Karachaganak shareholders, including Shell, lost a legal dispute valued at up to $4bn.

Legal disputes surrounding the Kashagan project are still ongoing, with claims now totalling roughly $160bn.

Kashagan lies in the Caspian Sea, around 80km offshore from Atyrau in western Kazakhstan.

Last month, Shell and METLEN signed a memorandum of understanding (MoU) in Washington, DC, US, to cooperate on the supply and trading of liquefied natural gas (LNG). The MoU outlines cooperation on supplying and trading between 500 million to one billion cubic metres of LNG per year from 2027 to 2031.